$45.4bn
$X.Xbn
206k
1,479
$X.Xbn
Chinese skepticism surrounding Western medicine's effectiveness has led to the rising popularity of traditional Chinese medicine, which is considered to be less toxic and to have fewer side effects. Patients are increasingly choosing traditional Chinese medicine as their primary medicinal treatment. Additionally, China's aging population and rising health consciousness are contributing to higher industry demand.Along with the Healthy China strategy, medical and healthcare system reforms have continued. The Traditional Chinese Medicine Manufacturing industry's revenue is expected to increase an annualized 5.0% over the five years through 2023. Industry revenue has recovered since the COVID-19 pandemic outbreak, and is expected to increase 7.0% in 2023, to $45.4 billion.Traditional Chinese medicine pills are the main product used in traditional Chinese medicine clinics and are also important components of Chinese patent drugs. The top four industry participants, TongRenTang, Kangmei, China TCM and Ruilong, account for a combined share of less than 10% of total industry revenue in 2023, indicating low market share concentration. The industry includes many small-scale enterprises. As the industry matures, some smaller companies will likely struggle to remain viable, and more competitive manufacturers will gain an increasing market share, pushing up concentration.The Chinese Government has strongly focused on the Traditional Chinese Medicine Manufacturing industry, and will continue to issue standards and specifications to increase its global competitiveness. Industry revenue is forecast to grow an annualized 6.0% over the five years through 2028, to total $60.8 billion.
Industry revenue has grown at a CAGR of 5.0 % over the past five years, to reach an estimated $45.4bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2023 | Revenue ($short_0)
2023 |
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There are no companies that hold a large enough market share in the Traditional Chinese Medicine Manufacturing in China industry for IBISWorld to include in this product.
Industry revenue is measured across several distinct product and services lines, including Herbal traditional Chinese medicine, Animal-based traditional Chinese medicine and Mineral-based traditional Chinese medicine . Herbal traditional Chinese medicine is the largest segment of the Traditional Chinese Medicine Manufacturing in China.
Herbal traditional Chinese medicine is the most commonly used
The Traditional Chinese Medicine Manufacturing industry in China produces herbal, animal-based and mineral-based Chinese medicine and extracts.
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Traditional Chinese medicine has a very long history in China. This strong cultural foundation provides favorable conditions for rising industry demand.
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Herbal traditional Chinese medicine is the largest product segment. Herbal traditional Chinese medicine is the most commonly used products and represents around 90% of indust...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Industry activities are relatively concentrated. Raw materials are important for traditional Chinese medicine production so manufacturers mainly operate in regions with abund...
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The industry exhibits low concentration. The top four companies in the industry represent a combined market share of less than 10% in 2023.
Learn about the performance of the top companies in the industry.
Domestic companies dominate the market. Traditional Chinese medicine is an important component of Chinese medical culture and domestic companies have the advantage of legacy ...
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Regulation is intensifying. The Chinese Government has implemented several rounds of rectification works on the production, circulation and application of traditional Chinese...
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Industry profit margins have been volatile. Profitability has been volatile in recent years due to increasing raw material prices and intensive price competition.
Including values and annual change:
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Key data sources in China include:
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These sources include:
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The market size of the Traditional Chinese Medicine Manufacturing industry in China is $45.4bn in 2024.
There are 1,479 businesses in the Traditional Chinese Medicine Manufacturing industry in China, which has grown at a CAGR of 3.1 % between 2019 and 2024.
The market size of the Traditional Chinese Medicine Manufacturing industry in China has been growing at a CAGR of 5.0 % between 2019 and 2024.
Over the next five years, the Traditional Chinese Medicine Manufacturing industry in China is expected to grow.
Herbal traditional Chinese medicine and Animal-based traditional Chinese medicine are part of the Traditional Chinese Medicine Manufacturing industry.
The level of competition is high and increasing in the Traditional Chinese Medicine Manufacturing industry in China.